Competitive analysis
A competitive analysis is an examination of a company's competitive environment. It involves analyzing the company's competitors in terms of their strengths and weaknesses, their strategies and their market success. The aim is to gain a better understanding of the competition and the market in order to be able to adjust one's own decisions and measures accordingly.
A competitive analysis can be important for already established companies as well as for start-ups. It can help to identify one's own strengths and weaknesses in comparison to the competition, to recognize market gaps and opportunities, and to improve one's own positioning in the market. Not only direct competitors should be considered, but also potential new competitors as well as companies operating in neighboring or related industries.
A competitive analysis should consider the following aspects:
- Objective: Before you start with the analysis, you should be clear about the objective you are pursuing. For example, do you want to find out the strengths and weaknesses of the competition or identify possible market gaps?
- Selection of competitors: Not all competitors are equally relevant. One should limit oneself to those who are active in the same market segment and offer similar products or services.
- Data sources: There are several sources from which one can obtain information about competitors. These include publicly available information such as company reports or press releases, as well as interviews with customers or industry experts.
- Analysis methods: There are various analysis methods that can be used. These include, for example, SWOT analysis, portfolio analysis or the competitive matrix.
- Interpretation of results: The results of the analysis must be interpreted correctly in order to draw meaningful conclusions. Not only the company's own strengths and weaknesses should be taken into account, but also those of its competitors.
- Continuous monitoring: A competitive analysis is not a one-time affair, but should be repeated regularly in order to detect and react to changes in the market and in the competition.
As a specialist in advertising market monitoring and recording, AdVision digital offers suitable tools for competitive analysis. The AdZyklopädie, Germany's largest advertising motif database, can be used to analyze competitors' campaign motifs. In addition to the analysis of motifs, a variety of other advertising data can be accessed in the AdVision advertising statistics. The advertising statistics can be accessed via the OLAP Cube and MS PowerBi.